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Markets go into freefall as Bitcoin drops by 11.6%; Chainlink, Binance Coin, Basic Attention Token resilient Markets go into freefall as Bitcoin drops by 11.6%; Chainlink, Binance Coin, Basic Attention Token resilient
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Markets go into freefall as Bitcoin drops by 11.6%; Chainlink, Binance Coin, Basic Attention Token resilient

Markets go into freefall as Bitcoin drops by 11.6%; Chainlink, Binance Coin, Basic Attention Token resilient

Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.

The cryptocurrency markets went into freefall as Bitcoinย dropped from $13,063 to $11,497, an 11.6 percent drop over the course of 19 hours. The altcoin market saw even greater damage, with the average altcoin losing 12.8 percent. Falling prices do not appear to be attributed to any major news.

The market is seeing double-digit losses across the board without any major attributable news. Bitcoin reported trading volume is up from July 9 values from $28.2 billion to $33.6 billionโ€”a 19.1 percent increase.

Overall market capitalization took a major hit falling from $342 billion to $299, evaporating $43 billion in capitalization value.

Meanwhile, Bitcoin dominance remains at highs not seen since the 2017-2018 bull market. With dominance relatively unchanged this means that BTC dragged most of the market down with it.

For a continued healthy bull trend, large drops to the downside are not abnormal. Bitcoin’s extreme volatility (compared to the traditional equities market) means that swings to both the upside and downside are expected.

Market bull Thomas Lee, co-founder of Fundstrat Global, summarizes this phenomenon:

Some may attribute this volatility to ‘major news,’ but the vast majority of announcements have a nominal impact on the Bitcoin price, despite what pundits and crypto publications may suggest.

Notable coins that weathered the drop were all product-related coins, including Chainlink (-4.67%), Binance Coin (-6.98%), Basic Attention Token (-6.95%), and Maker (-7.19%).

Of the top 10, the coins that saw the largest losses included the two major BTC forks Bitcoin SV (-18.98%), and Bitcoin Cash (-18.45%). TRON (-16.57%) also experienced abnormally large losses.

Realized price per Bitcoin continues to climb to make new yearly highs, which is the average approximate price each holder paid for their coins.

On average, investors paid $5,233 for their coins versus the current market price of $11,497โ€”meaning that the average hodler is still up 119 percent.

Bitcoin Market Data

At the time of press 8:53 pm UTC on Dec. 16, 2019, Bitcoin is ranked #1 by market cap and the price is down 3.12% over the past 24 hours. Bitcoin has a market capitalization of $125.34 billion with a 24-hour trading volume of $19.5 billion. Learn more about Bitcoin ›

Bitcoin

8:53 pm UTC on Dec. 16, 2019

$6,923.07

-3.12%
Crypto Market Summary

At the time of press 8:53 pm UTC on Dec. 16, 2019, the total crypto market is valued at at $187.31 billion with a 24-hour volume of $66.83 billion. Bitcoin dominance is currently at 66.90%. Learn more about the crypto market ›

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